For Leika Kihara's latest contributions to The Japan Times, see below:
An increase in Japan's potential growth would encourage firms to raise wages on prospects of stronger profits, and give households more purchasing power, Hiroshi Nakaso said.
As central banks across the globe eye interest rate hikes, markets have been rife with speculation that the BOJ may also change its guidance.
Many board members warned of heightening risks to Japan's economy from the Ukraine crisis that would keep inflationary pressure subdued.
The remarks highlight the difficulty Tokyo may face if it seeks international consent to intervene in the currency market to stem further yen falls.
The BOJ's dovish signals may give markets a chance to drive down the yen further, as prospects of steady policy tightening by the Federal Reserve widen the Japan-U.S. interest rate gap.
Big companies expect conditions to worsen further three months ahead, the Bank of Japan's tankan survey showed.
Komeito chief Natsuo Yamaguchi also urged the Bank of Japan to maintain its massive stimulus program "for a bit longer" to ensure a solid recovery in the economy.
The war in Ukraine has triggered a rise in energy and raw material costs which have pushed up the cost of imported goods in a blow to Japan's fragile economy.
The news adds pressure on policymakers to ramp up fiscal stimulus to support Japan's economy.
Inflation in the West and hawkishness from other major central banks had spurred some bets the BOJ would need to taper its monetary policy soon, pushing yields to multiyear highs.
